Revision as of 02:20, 9 August 2024

Glossary | People | William K. Black

William K. Black is a law professor, criminologist, and former financial regulator.

Term	Definition	Example	References
Control Fraud	When people who control a seemingly legitimate entity (e.g. the CEO) use it as a weapon to defraud.	The S&L crisis was perpetuated by an epidemic of control fraud, whereby CEOs defeated and suborned internal and external controls to fraudulently report record profits and increase their personal wealth.	William K. Black, The Best Way to Rob a Bank is to Own One, 2005.
S&L	A Savings & Loan depository institution, also known as a thrift. The principle purpose of these institutions is to make mortgage loans.	I wanted to buy a house, so I compared the financing offered by my local S&L with my usual bank.	Black (1995).
S&L Crisis	A wave of S&L failures in the 1980s incited by the Volker Shock and perpetuated by deregulation, desupervision, and widespread fraud.	At the time, the S&L Crisis was the largest financial crisis since the Great Depression.	Black (1995).

@@ Line 7: / Line 7: @@
 {{GlossaryEntryTable
 |term1=[[Glossary/Control Fraud|Control Fraud]]
-|definition1=When people who control (i.e. the CEO) a seemingly legitimate entity use it as a weapon to defraud.
+|definition1=When people who control a seemingly legitimate entity (e.g. the CEO) use it as a weapon to defraud.
 |example1=The S&L crisis was perpetuated by an epidemic of control fraud, whereby CEOs defeated and suborned internal and external controls to fraudulently report record profits and increase their personal wealth.
 |references1=William K. Black, The Best Way to Rob a Bank is to Own One, 2005.